Entrepreneurship: Small Business Management, Skills and Influence

This report provides an overview of entrepreneurship and small business management, highlighting the entrepreneurial mindset and its importance in creating innovative offerings. It examines the characteristics, skills, and traits of successful entrepreneurs like Ren Zhengfei and Liz Wilson, differentiating them from traditional managers. The report further explores how background and experience influence entrepreneurs, including local, international, and social entrepreneurs. In conclusion, entrepreneurship is defined as a crucial process involving innovation to meet societal and individual needs, contributing significantly to economic growth and employment opportunities.

Entrepreneurship and Small Business Management

Introduction
Entrepreneurship is a process that includes different type of procedures like
initiation, launching, designing of a newly established business venture to
generate value from them. Entrepreneurs aim towards offering unique and
innovative product and services to customers in order to satisfy their needs
and demands. Entrepreneurs undertake risks that are already associated with
new business in order to serve and fulfil community and individual
effectively by offering them innovative services facilities and products.

What is Entrepreneur Mind-set?
Entrepreneur mindset is defined as a state of mind that
identifies an individual conduct towards entrepreneurial
activities. Individuals who have entrepreneurial mind set
keenly tend towards undertaking new opportunity as to
create innovative and unique offerings. This concept
determine a state of mind that made a person to
undertake new challenges and risk to innovate something
new. Person who is having entrepreneurial abilities
mainly possess five characteristics that are
accountability, confidence, decision, resilience and
humidity.

The characteristic traits, skills of successful
entrepreneurs
Ren Zhengfei
Characteristic
 Keen Learner: Ren is having the characteristics of keen learner which is an essential aspect of his believe, that states
learning before act
Skill
 Directive Leadership: Ren is one of the most efficient entrepreneurs and is having the skill of directive leadership. This skill
allow him to undertake diverse range of leadership approaches through which he direct, guide and motivate employees of
Huawe.
Trait
 Purpose driven ambitious: It is one of the most essential and crucial trait of Ren of through which he fulfils consumer needs
and demands efficiently.

Cont…
Liz Wilson
Characteristic
Passion: Liz is having characteristics of passion towards baking through which she successfully
conduct their entrepreneur function or activities in a micro Bakery business venture.
Skill
Innovative thinking: It is one of the most important skills which Liz is having as she loves to
make different, different things with bread and offer consumers with unique and innovative
offerings in order to draw their attention effectively towards her bakery.
Trait
Confident: Liz Wilson successfully conducts business operations as an entrepreneur. Confidence
is essential trait of Wilson through which she performs her business activities with great
confidence and zeal.

Difference between characteristics of successful
Entrepreneurs and Managers
Entrepreneurs Managers
Entrepreneurs operate their business with
having an aim to satisfy community, society or
individual needs efficiently by serving them
with innovative and unique offerings. By being
a keen learner they always engage in
innovation related to services process and
products to take opportunities.

These individuals mainly conduct their
business activities within an organisation
for salary purpose. Managers mainly have
restricting nature towards any changes
Innovation and risk.

How background and experience influences
entrepreneurs: Local Entrepreneur
Liz Wilson

How background and experience influences
entrepreneurs: International Entrepreneur
Ren Zhengfei

How background and experience influences
entrepreneurs: Social Entrepreneur
Bill Drayton

Conclusion
According to the given report it has been concluded that entrepreneurship
is defined as a crucial process in which entrepreneurs effectively engage in
the process of innovating new product and services with unique measure to
serve society and individual needs. With their significant contribution upon
nation economy entrepreneur also provide maximum number of
employment opportunity to individual. It maximizes their living standards
and economic growth and development of a country.

References
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